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When you receive a payment for damages from your insurance…

Customer Question
When you receive a...

When you receive a payment for damages from your insurance company how do you enter it into your records so that it is not income. Also, how do you enter your repair expenses.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I had damage at my business from Harvey. The insurance company sent the money to make the repairs. How do I handle these funds in my accounting program

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No, I don't think so

Submitted: 6 months ago.Category: Finance
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Answered in 16 hours by:
12/30/2017
Financial Professional: ABC Accounting Group, Financial Advisor replied 6 months ago
ABC Accounting Group
ABC Accounting Group, Financial Advisor
Category: Finance
Satisfied Customers: 889
Experience: Accounting Manager
Verified
Hi. Great Question. You can book it as a receivable and payable on your books. Debit receivable and credit payable for the amount you received. Then, debit cash and credit the receivable for the same amount. You will have a payable open - you will use this amount to pay for any repairs.
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Financial Professional: ABC Accounting Group, Financial Advisor replied 6 months ago
Let me know if this helps and if you have any questions. Thank you.
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